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The European Commission has published its 3rd Supranational Risk Assessment (SNRA).  The SNRA specifically updates risk levels of sectors/products which would have undergone risk changes since the last update of the SNRA in 2019. Such considerations must be considered and reflected in one’s Business Risk Assessment (BRA) and have the ability to demonstrate that it has considered the SNRA.

The SNRA examines the money laundering and terrorist financing risks that 43 products and services pose to the EU internal market, all grouped under eight categories in 25 pages of text.  The 2022 SNRA also reviews the risks created by the COVID-19 pandemic, and Russia’s war of aggression against Ukraine.  The SNRA further provides several recommendations to National Supervisors that follow up on the 2019 SNRA, these include greater consideration of cash intensive businesses, greater public disclosure of beneficial ownership, and more vigorous supervision and enforcement.

Both the SNRA and its accompanying ‘Commission Staff Working Document maybe found below.

Should you need any assistance in the drafting, reviewing or updating your BRA do not hesitate to call upon Diligex’s team of highly experienced team of compliance specialists.

Please give us a call on 2124 0363 or email [email protected] to learn more and receive a quote for this service.